News

Coinstar to buy back stock

February 15, 2011

Coinstar Inc., owner of redbox, announced today that it will buy back $50 million of its common stock from Morgan Stanley.

Stock buybacks cut the number of shares on the market, which can boost the value of the remaining shares.

This repurchase is part of a buyback worth up to $74.5 million the company's board approved earlier.

Shares of the Bellevue, Wash.-based company fell 18 cents to $43.50 Wednesday afternoon. The Los Angeles Times, citing unnamed sources, reported Wednesday that Walt Disney Co. has decided to raise the fees it charges Coinstar and rival Netflix Inc. when they rent its movies to customers.